Posted by Laura Parsons on January 16th, 2018.
Paul and Lyn live in rural Australia in Kangaroo Valley NSW, two hours south of Sydney, having emigrated from Hertfordshire, UK in 2004. They own and run a wombat sanctuary in Kangaroo Valley, and run two other companies between them. Both have UK work pensions from previous jobs held in the UK which are set up to be paid during their retirement.
The Obern’s have used our services on a number of occasions over the years, here’s what they have to say about us!
“Initially we used TorFX to transfer money from our bank accounts in the UK to our Australian Bank to fund a holiday we were planning overseas. This process was very smooth and our Account Manager was very accessible and helpful via email and telephone.
When our son decided to embark on a career as a commercial airline pilot, and asked us for a loan over the following two years to go towards his fees, we decided to use TorFX again. We arranged the loan with our Australian Bank, and had a monthly transfer set up to the UK to our son’s bank account via TorFX, which again was easily arranged and saved on the fees our AU bank and my son’s UK bank would have charged.
Our son is now repaying his loan monthly using a deposit transfer via TorFX from his UK bank into our Australian bank. We receive a monthly report telling us what has been sent to our account and when, which is very helpful.
Lyn’s UK nursing pension was released on her 60th birthday and we set up a transfer to move across her lump sum payment to be placed directly into our high interest account in Australia, which went very smoothly.
Shortly after this Brexit occurred, and after discussing the situation with our TorFX Account Manager we knew that the GBP/AUD exchange rate was not favourable for us to transfer our pension across, so we decided to leave it in our UK bank until informed that the exchange rate had improved. Our Account Manager regularly sends emails letting us know the exchange rate situation and keeps us informed when pension funds are received into our TorFX account, being held safely until we transfer them to Australia.
The ease of the service, and the expert advice on exchange rates have been a great help when deciding to move our money to the other side of the world. The costs are less than using both the UK and Australian banks for transfers as each end deducts a fee.
We’ve recommended this service to other expats in Australia who are facing similar dilemmas as they approach retirement and have UK monies tied up in the UK system that they need assistance with. We’ve been very happy with the service, guidance and friendly contact we receive from TorFX.’
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